Swift Funding Acquisition by MyFundedFX
In a significant development within the proprietary trading sector, Swift Funding will no longer accept new purchases as it prepares to wind down operations. MyFundedFX, under the leadership of CEO and Swift co-founder Matt Leech, will acquire the remaining assets of Swift Funding to ensure all financial obligations are met.
Statements from CEO Matt Leech
Matt Leech, addressing the situation, expressed his disappointment and outlined the immediate steps to fulfill the company’s obligations:
- Pending Payouts: All pending payouts are assured to be processed within the next 48-72 hours. These funds have been secured through a capital transfer into Swift’s accounts.
- Account Statuses: All funded accounts will be disabled shortly, but any profits due will be processed as scheduled. Challenge accounts will also be temporarily disabled as solutions are sought.
- Support and Refunds: Support channels will remain operational, and refunds for untraded challenge accounts will be processed immediately upon request.
Background of Swift Funding’s Challenges
The transition comes after a series of challenges that began with the removal of the MT5 platform and the introduction of new trading platforms, which initiated a cascade of operational difficulties for Swift. Despite efforts to rectify these issues, it became evident that an acquisition was the most feasible solution to stabilize the situation and secure all pending payouts.
Future Directions and Trader Support
Leech reassured customers that MyFundedFX’s takeover is designed to ensure continuity and stability:
- Continued Trading: Efforts are underway to enable continued trading for Swift’s clientele, either through MyFundedFX or alternative arrangements, with no changes to account metrics or rules.
- Customer Assurance: The executive team, including Leech, will remain accessible to address customer concerns and oversee the transition. All owed payouts are promised to be fulfilled within the next three days.
This transition marks a pivotal moment for both Swift Funding and MyFundedFX as they navigate through this acquisition. Swift’s existing customers can expect efforts focused on minimal disruption to their trading activities and assurances that all financial obligations will be honored as the firms consolidate.
